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sdhakhwa
New Member

I had a large NOL from Schedule C in 2008. I had a CPA prepare tax return for 2008. From 2009, I started using Turbotax. I never carried forward my NOL. Can I still do?

I read in TurboTax question site that I might be able to amend 2015, 2014, 2013 tax returns and get the benefit of the NOL if I forego the benefit from prior years. Here is the link that talks about that.
https://ttlc.intuit.com/questions/2900806-what-if-you-didn-t-document-tax-loss-carryforward-every-ye...
1 Reply
Coleen3
Intuit Alumni

I had a large NOL from Schedule C in 2008. I had a CPA prepare tax return for 2008. From 2009, I started using Turbotax. I never carried forward my NOL. Can I still do?

The article you reference deals with capital losses not NOLs. Which did you have? If you did have an NOL in 2008, you can't amend 2006 and 2007 to get a refund. You could amend to see how much would be carried forward to a year in which you could still get a refund, that is 2013, 2014 and 2015.

How To Carry an NOL Back or Forward

If you choose to carry back the NOL, you must first carry the entire NOL to the earliest carryback year. If your NOL is not used up, you can carry the rest to the next earliest carryback year, and so on.

If you waive the carryback period or do not use up the NOL in the carryback period, carry forward what remains of the NOL to the 20 tax years following the NOL year. Start by carrying it to the first tax year after the NOL year. If you do not use it up, carry the unused part to the next year. Continue to carry any unused part of the NOL forward until the NOL is used up or you complete the 20-year carryforward period.

Example 1.

You started your business as a sole proprietor in 2016 and had a $42,000 NOL for the year. No part of the NOL qualifies for the 3-year, 5-year, or 10-year carryback. You begin using your NOL in 2014, the second year before the NOL year, as shown in the following chart.

Deducting a Carryback

If you carry back your NOL, you can use either Form 1045 or Form 1040X. You can get your refund faster by using Form 1045, but you have a shorter time to file it. You can use Form 1045 to apply an NOL to all carryback years. If you use Form 1040X, you must use a separate Form 1040X for each carryback year to which you apply the NOL.

https://www.irs.gov/publications/p536

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